Indianapolis Business Journal articles from December 2008

Indianapolis Business Journal archives from December 2008

Uneasy interlude: economic slump causes ISO leaders to delay their capital campaign for slipping endowment.
December 1, 2008... The Indianapolis Symphony Orchestra pulled off an impressive financial performance in its latest fiscal year, overcoming economic uncertainty to increase ticket sales and donations. But the orchestra's small operating loss--$293,000 on...

Insider buying surges: state public company execs grab up stock as prices fall.
December 1, 2008... Keith E. Busse's frustration at the share price of Steel Dynamics Inc. boiled over Oct. 16. "When people bailed out of commodities, buddy, they bailed out with a lot of horsepower. And they've [driven] this thing to almost a silly level,...

Local firm wages Florida condo fight: Kosene & Kosene embroiled in 62 lawsuits.(Kosene and Kosene Development and Management Company Inc.)
December 1, 2008... Kosene & Kosene could barely keep up with demand before it broke ground on The Residences at Coconut Point, a complex of 290 condos connected to a 1.2-million-square-foot shopping center in Estero, Fla. The Indianapolis developer had a hot...

Indiana bankruptcies soar: attorneys say more professionals are seeking protection, debts are deeper, options fewer.(Brief article)
December 1, 2008... Indiana bankruptcies are rising toward levels not seen since Congress tightened filing rules three years ago, and experts say stretched consumers and businesses probably won't reap benefits of an improved economy for at least a year. "I...

Shepherd grows flock: not-for-profit lengthens its reach by merging with other charities.(Shepherd Community Inc.)
December 1, 2008... [ILLUSTRATION OMITTED] Shepherd Community Inc., a Christian-based organization serving the near-east side, is pulling other charities into its fold at a pace not often seen in the local not-for-profit sector. Having completed two...

Eli Lilly planning VC binge in China: drugmaker pouring $100m into market.
December 1, 2008... SHANGHAI -- Hoping to increase sales in China's rapidly growing pharmaceutical market, Eli Lilly and Co. is charging ahead with plans to invest $100 million in venture capital in the region over the next several years. The investment...

Despite sour economy, retail developers press on.(BEHIND NEWS)
December 1, 2008... Retail developers always have been an audacious breed. They spend millions to build shopping centers, confident that tenants will flock to fill the slots they didn't prelease. To charge ahead these days takes more than the usual dose of...

Old National Bancorp has agreed to buy 65 Charter One bank branches, including 51 in Indianapolis, for $16 million, the Evansville company announced Nov. 25.(ON THE RECORD)(Brief article)
December 1, 2008... Old National Bancorp has agreed to buy 65 Charter One bank branches, including 51 in Indianapolis, for $16 million, the Evansville company announced Nov. 25. CEO Bob Jones called the deal a bargain, since the bank normally would pay about $3...

Indiana Venture Center.(ON THE RECORD)(Brief article)
December 1, 2008... The Indiana Venture Center, a local not-for-profit that mentors Hoosier entrepreneurs and startup companies, is closing its doors after five years, President Jim Eifert said Nov. 21. Operations will cease Dec. 31. Founded in 2003, the center...

Eli Lilly and Co.(ON THE RECORD)(acquisition of ImClone Systems Inc.)(Brief article)
December 1, 2008... Indianapolis-based Eli Lilly and Co. said Nov. 24 that it has closed its acquisition of ImClone Systems Inc., a New York-based developer of cancer drugs. Lilly paid $70 in cash for each share of ImClone in a deal worth $6.3 billion. Lilly...

Unemployment insurance fund.(ON THE RECORD)(Brief article)
December 1, 2008... State leaders have asked for a federal loan of up to $330 million during the next three months to shore up Indiana's unemployment insurance fund, which has paid out $242 million more in claims this year than it has collected in employer taxes....

Metropolitan Indianapolis Board of Realtors.(ON THE RECORD)(Brief article)
December 1, 2008... Declines in house sales continued in October, the Metropolitan Indianapolis Board of Realtors reported Nov. 24. Units sold in the 13 counties tracked by the trade group plummeted 24 percent, to 1,726, from last October. The median sale price...

ArcelorMittal.(ON THE RECORD)(Brief article)
December 1, 2008... As many as 2,444 employees at ArcelorMittal's Burns Harbor steel plant east of Gary could be laid off in January, the company said Nov. 21. The company has notified the United Steelworkers and other stakeholders about the possibility of an...

Plans to build a $1.5 billion plant in southwest Indiana to turn coal into natural gas have been put on ice.(ON THE RECORD)
December 1, 2008... Plans to build a $1.5 billion plant in southwest Indiana to turn coal into natural gas have been put on ice. The developer, Indiana Gasification LLC, pulled its application to the Indiana Utility Regulatory Commission Nov. 26. The project,...

Actor/author/economist/presidential speechwriter Ben Stein will deliver the keynote speech Dec. 3 at a fund-raiser for two school choice groups, the Educational CHOICE Charitable Trust and the Friedman Foundation for Educational Choice.(THE WEEK AHEAD)(Brief article)
December 1, 2008... Actor/author/economist/presidential speechwriter Ben Stein will deliver the keynote speech Dec. 3 at a fund-raiser for two school choice groups, the Educational CHOICE Charitable Trust and the Friedman Foundation for Educational Choice....

Automakers hit highway seeking extreme roadside assistance.(ON THE RECORD)(Brief article)
December 1, 2008... Auto industry leaders are planning a road trip. Their destination: Washington, D.C., where CEOs of the Big Three automakers will appeal for a federal bailout. Industry insiders began discussing a giant caravan Nov. 21, after the leaders of Ford...

ATA Airlines is nearing its final departure: Southwest to get guts of remaining air rights.
December 1, 2008... Southwest Airlines first swooped in as the apparent savior of ATA Airlines four years ago, giving the bankrupt Indianapolis carrier a much-needed $117 million in return for its valuable gates at Chicago Midway Airport. The Dallas-based...

New IRL ethanol deal angers U.S. corn growers: fears rise about Brazilian supplier entering Midwest.(Indy Racing League)
December 1, 2008... The Indy Racing League suddenly finds itself at odds with Midwestern farmers over a decision to make a Brazilian consortium its ethanol supplier starting next year. "The decision to bypass the more than 180 ethanol biorefineries across our...

'Big picture' for commuter rail may be around the bend: can compelling case be made to public, Legislature?
December 1, 2008... The Metropolitan Development Commission has given city planners the green light to seek an expedited study that would provide a clearer picture of what a comprehensive regional transit system could look like and how much it would cost. Up...

Making the case for commuter rail: plan is broader than one corridor.(EDITORIAL)(Editorial)(Brief article)
December 1, 2008... Advocates of building a mass transit system for the Indianapolis region have a big sales job ahead of them, and now they have another tool to help make the pitch. The Metropolitan Development Commission gave local transportation planners...

Giving in hard times.(Shepherd Community Center)(Editorial)(Brief article)
December 1, 2008... The Shepherd Community Center is helping a handful of not-for-profits by absorbing them (see story, page 3), but you don't have to take over a not-for-profit to give it a hand up. All you need do is scan our Holiday Wish List on page 34 to see...

Zoo tests popular definition of 'hero'.(Commentary)(Viewpoint essay)
December 1, 2008... In a prior column (July 5-11, 2004), I commented on an article appearing in Indy Men's Magazine titled "25 Keepers." Readers were asked to nominate "people who not only make Indiana a better place but who, if their brains were drained...

[Cartoon].(EDITORIAL)(Cartoon)
December 1, 2008... "What's the sound of one market crashing?" [ILLUSTRATION OMITTED]

Corrections.(EDITORIAL)(Correction notice)
December 1, 2008... * " Last week's page one story "State pension fund fallout: Billions Disappear" reported an incorrect figure for the Indiana Public Employees' Retirement Fund's one-year investment return as of Sept. 30. Its actual return was minus 18.6...

This is not your father's recession.(EYE ON THE PIE)
December 1, 2008... How much is too much? When do we start to worry? When can we relax and say, "Thank goodness, it's over."? These are questions racing through our minds as we swim against the flood of economic news now testing our courage. Each day seems to...

Not-for-profits can grow in tough times.(VIEWPOINT)
December 1, 2008... Everyone can agree: The economy is bad, with no relief in sight. From slow retail sales to stock market declines, it's a scary time--not only for individuals, but also for not-for-profit organizations. Ali around the country,...

Speedway project will have victims.(LETTERS)(Letter to the editor)
December 1, 2008... I have to comment regarding the latest articles [in the Nov. 10 issue] regarding the redevelopment of Speedway. While the articles were written very well and gave the impression that this redevelopment is a must for the community, I do not...

Don't treat children like commodities.(LETTERS)(Letter to the editor)
December 1, 2008... I'm writing in response to the article "Indiana adoption agencies trying new strategies" from the Oct. 27 issue. As an adoptive mom, I was pleased to see an adoption article at the beginning of National Adoption Month (November). However, I was...

Exit of anchor complicates Lafayette Square overhaul.
December 1, 2008... The demise of apparel retailer Steve and Barry's University Sportswear deals another blow to efforts to turn around the ailing Lafayette Square Mall. But despite the grim news, mall officials remain optimistic about plans to redevelop the...

Y&L making 'significant' staff cuts.(ON THE BEAT)(Young & Laramore )(Brief article)
December 1, 2008... Young & Laramore is making what it says are "significant" staff cuts in the wake of losing the Steak n Shake account. Though Y&L CEO Paul Knapp declined to say how many of the firm's 66 employees have been or would be terminated, industry...

Study says most U.S. pensions are poised to recover.(GOVERNMENT)(Brief article)
December 1, 2008... Last week, IBJ reported that Indiana's public pensions have lost billions of dollars as U.S. markets soured. But a new national analysis of U.S. public pension funds suggests most invest prudently, even in volatile times. On Nov. 24, the...

Employers shifting health costs.(INSURANCE)(Survey)
December 1, 2008... Employers, now doubly pinched by steadily rising health insurance premiums and a steadily deteriorating economy, are searching for new and larger cost-shifting tools, according to survey and anecdotal evidence from Mercer, a global benefits...

Duke star starts new company.(REAL ESTATE)(Duke Realty Corp.)(Brief article)
December 1, 2008... A senior leasing representative at locally based Duke Realty Corp. has launched a company focused on real estate development and brokerage. Aasif Bade started Ambrose Property Group with three employees this month. The firm opened its...

Pacers, Ivy Tech join forces to offer scholarships.(SPORTS)(Indiana Pacers and Ivy Tech Community College)(Brief article)
December 1, 2008... [ILLUSTRATION OMITTED] The Indiana Pacers and Ivy Tech Community College have teamed to offer six statewide scholarships to Ivy Tech students. Each of the $2,000 Champions'. Scholarships will be awarded in halftime ceremonies at selected...

Chamber launches social site.(TECHNOLOGY)(Greater Indianapolis Chamber of Commerce)(Indylink.com)(Brief article)
December 1, 2008... The Greater Indianapolis Chamber of Commerce has launched an online business networking site called Indylink.com. The site provides networking opportunities for the chamber's 4,300 members. Its membership represents more than 300,000...

Hoosier Energy gets reprieve in Hancock court case.(UTILITIES)(John Hancock Financial Services Inc. v. Hoosier Energy Rural Electric Cooperative Inc.)(Brief article)(Case overview)
December 1, 2008... Rural electricity provider Hoosier Energy has dodged--at least for now--a $120 million claim brought against it by John Hancock Life Insurance Co. after the co-op allegedly defaulted on a 2002 sale-leaseback of its Merom generating plant. ...

BKD LLP, Indianapolis.(ACCOUNTING)(appointment of Tysen O. Adams, Meghan M. Linvill and Rick E. Mittman)(Brief article)
December 1, 2008... BKD LLP, Indianapolis, has added the following to the health care division: Tysen O. Adams, Meghan M. Linvill McNab, staff consultants; Rick E. Mittman, senior managing consultant; Amy L. Ray, senior consultant; and Roger E. Weideman, managing...

Bob Schultz has joined Borshoff.(ADVERTISING/MARKETING/ PUBLIC RELATIONS)
December 1, 2008... Bob Schultz has joined Borshoff as a senior account director. [ILLUSTRATION OMITTED]

Greater Indianapolis Chamber of Commerce.(ADVERTISING/MARKETING/ PUBLIC RELATIONS)
December 1, 2008... Tammie Jones has " been promoted to senior vice president of public and strategic affairs at the Greater Indianapolis Chamber of Commerce. [ILLUSTRATION OMITTED]

Jama McKinney has joined AlephMEDIA.(ADVERTISING/MARKETING/ PUBLIC RELATIONS)
December 1, 2008... Jama McKinney has joined AlephMEDIA as a senior designer, and Brett Davis has joined as a Web programmer.

Indianapolis Economic Development Inc.(ADVERTISING/MARKETING/ PUBLIC RELATIONS)
December 1, 2008... Indianapolis Economic Development Inc. has added the following: Patsy Lentz, vice president of business development, and Melissa Todd, director of communications.

Hilary Swanson has joined Fanning Howey Engineering Group.(ARCHITECTURE/DESIGN/ ENGINEERING)
December 1, 2008... * Hilary Swanson has joined Fanning Howey Engineering Group as a mechanical designer, and *Jon Nolen has joined as an educational technology technician. [ILLUSTRATIONS OMITTED]

Jill Kaps Ramsey has joined Star Financial Bank.(BANKING)
December 1, 2008... Jill Kaps Ramsey has joined Star Financial Bank as an assistant vice president, corporate banking officer, treasury management sales team.

Deborah Cline Kish has joined the Eiteljorg Museum of American Indians and Western Art as the volunteer services manager.(CIVIC/NOT-FOR-PROFIT)
December 1, 2008... Deborah Cline Kish has joined the Eiteljorg Museum of American Indians and Western Art as the volunteer services manager.

Planned Parenthood of Indiana.(CIVIC/NOT-FOR-PROFIT)(Planned Parenthood Federation of America appoints Linda Cohen, Ray Cubberley and Amanda Kreps-Long)(Brief article)
December 1, 2008... Planned Parenthood of Indiana new board members are Linda Cohen, West Lafayette; Ray Cubberley, Lafayette; Dr. Deborah Goldman, Evansville; Amanda Kreps-Long, Goshen; Kristin Gorder McMurtrey, Valparaiso; and Dr. Ellyn Stecker, South Bend....

Summit Construction Co. Inc.(CONSTRUCTION)
December 1, 2008... * Larry Fleck has been named executive vice president at Summit Construction Co. Inc. * Rob Mulberry has been named chief estimator. [ILLUSTRATIONS OMITTED]

Kathleen Sharp has joined Wishard Health Services.(HEALTH CARE)
December 1, 2008... * Kathleen Sharp has joined Wishard Health Services as administrative director of pathology. [ILLUSTRATION OMITTED]

Hall Render.(LAW)(Hall Render Killian Heath and Lyman P.C. appoints Jonathan C. Bumgamer, Neal A. Cooper, Kevin A. Stella)(Brief article)
December 1, 2008... [ILLUSTRATIONS OMITTED] Hall Render has promoted the following to shareholders: *Jonathan C. Bumgamer, *Neal A. Cooper, *Charise R. Frazier, *Kevin A. Stella, *Jennifer F. Skeels and *Charles R Sukurs.

Red Line Graphics Inc.(PRINTING/PUBLISHING)(appointment of Jennifer Wadsworth and Ryan Wadsworth)(Brief article)
December 1, 2008... Red Line Graphics Inc. has added the following new customer development managers: *Jennifer Wadsworth, apparel and promotional products divisions, and *Ryan Wadsworth, printing and sign divisions. [ILLUSTRATIONS OMITTED]

Brad Baer has joined VMS.(SERVICES)
December 1, 2008... * Brad Baer has joined VMS as the business analyst. *Sierra Vogt has joined as a program manager. [ILLUSTRATIONS OMITTED]

Perpetual Technologies Inc.(TECHNOLOGY/ TELECOMMUNICATIONS)
December 1, 2008... Perpetual Technologies Inc. has added the following: *Joshua Dayberry, Web administrator and *Mike Adkins, senior IT analysis. [ILLUSTRATIONS OMITTED]

Vontoo sees opportunity in downturn: voice-mail firm's latest product helps clients collect overdue debts.(Focus: TECH QUARTERLY)
December 1, 2008... A growing number of companies strapped for cash and struggling to pay their bills on time is presenting an unusual opportunity for one local IT firm. Angel investor Robert Compton helped launch Vontoo Inc. in 2005. The company helps...

Protecting tech's turf: state technology interests don't want economy to stifle progress.(Focus: TECH QUARTERLY)
December 1, 2008... [ILLUSTRATION OMITTED] With a national recession deepening, Indiana high-tech leaders' top priority in 2009 is simple: Play strong defense. "It's going to be a year of maybe not pushing hard, but not losing what you gained," said...

Indiana Venture Center shutting down.(FOCUS: TECH QUARTERLY)(Brief article)
December 1, 2008... The Indiana Venture Center, a local not-for-profit that mentors Hoosier entrepreneurs and startup companies, is shutting its doors. Center President Jim Eifert announced Nov. 21 that it will end operations Dec. 31. Founded in 2003, the...

Largest Indianapolis-area computer consulting firms.(FOCUS: TECH QUARTERLY)(Directory)
December 1, 2008... Largest Indianapolis-Area Computer Consulting Firms (Ranked by number of local consultants/designers) LOCAL FTE: % OF FIRM CONSULTS/ REVENUE RANK...

Technology will change future of health care delivery.(VOICES FROM THE INDUSTRY)
December 1, 2008... Direct coastal competition in local markets. Consumer-driven delivery. Global data collection. These and more changes will dramatically materialize over the coming months and years as the delivery of health care services takes on a...

Largest Indianapolis-area telephone equipment/systems dealers.(FOCUS: TECH QUARTERLY)(Directory)
December 1, 2008... Largest Indianapolis-Area Telephone Equipment/Systems Dealers (Ranked by number of local FTE telecommunications salespeople) LOCAL FTE ...

Defamation laws haven't caught up with today's Internet.(VOICES FROM THE INDUSTRY)
December 1, 2008... One of life's modern vanities is the ability to Google yourself and scroll through the resulting hits. What typically turns up is a pot luck of items ranging from on-point, to out-of-date, to the outfight obscure. The chances of an...

Analyzing intrinsic value unearths some bargains.(INVESTING)
December 1, 2008... With the Dow Jones industrial average fluctuating around the 8,000 level, investors looking at business valuations--and who are able to ignore the toll a nasty bear market exacts on one's psyche--likely will conclude there are companies selling...

Stocks take back some recent losses.(STOCKS)(ITT Educational Services Inc.)
December 1, 2008... Stocks posted their third straight day of gains Nov. 25, fueling optimism that the market finally might have bottomed out. Major indexes wiped about three percentage points off their year-to-date losses during the three-day rally. Helping...

Communities making tough choices will be better off.(ECONOMIC ANALYSIS)
December 1, 2008... During the coming weeks, a number of Indiana cities and counties will be coming to terms with their new budget realities. The property tax caps that will be phased in over the next two years have prompted discussion of "economic emergency"...

Momentive Consumer Credit Counseling Services.(NOT-FOR-PROFIT OF NOTE)(Company overview)
December 1, 2008... 615 N. Alabama St., Suite 134 Phone: (317) 266-1300; toll-free: (888) 711-7227 Fax: (317) 266-1315 Web site: www.momentive.org Founded: 1964 Paid employees: 26 Highest-paid staff member: Kathryn Perron, president,...

Irwin Financial Corp.(PROXY CORNER)
December 1, 2008... Irwin Financial Corp., 500 Washington St., Columbus, 47201 (www.irwinfinancial.com) is a group of specialized financial services companies, including Irwin Union Bank and Trust Co.. For the quarter ended Sept. 30, the company reported a net...

AppleOne Employment Services.(ANNOUNCEMENT)(opening of a branch at Washington )(Brief article)
December 1, 2008... AppleOne Employment Services, connecting local job seekers with area businesses in need of quality temporary, temp-to-hire and direct hire talent, has opened a branch at 141 E. Washington St., Suite 100. AppleOne also provides career...

Site & Pipe LLC.(BANKRUPTCIES)
December 1, 2008... Site & Pipe LLC, 6825 E. 34th St., 46226. Chapter 11 reorganization. Assets: n/a; liabilities: n/a.

Midwest Concrete Pumping Inc.(BANKRUPTCIES)
December 1, 2008... Midwest Concrete Pumping Inc., 1011 E. Beecher St., RO. Box 33006, 46203. Chapter 11 reorganization. Assets: n/a; liabilities: n/a.

Calendar.(RECORDS)(Calendar)
December 1, 2008... Business-related calendar items should be submitted two weeks before event date. Contact bmaurer@ibj.com Dec.1, 7 a.m.: Carmel-Clay Kiwanis Club, speaker: Brad Little, Hamilton County Legacy Fund, Life and Learning Center, 515 E. Main St.,...

Concord Neighborhood Center.(FUND RAISING)
December 1, 2008... Concord Neighborhood Center to benefit from Colts/Lucas Oil Stadium parking at Meridian and Morris streets for all Colts home games. Close walking at $20.

The Villages to benefit from a holiday party on Dec. 6 at the Blu Martini from 7-9 p.m.(FUND RAISING)(Brief article)
December 1, 2008... The Villages to benefit from a holiday party on Dec.6 at the Blu Martini from 7-9 p.m. Tickets: $10 or one unwrapped gift for a child. Contact 517-9920.

Crohn's and Colitis Foundation of America, Indiana chapter.(FUND RAISING)(Brief article)
December 1, 2008... Crohn's and Colitis Foundation of America, Indiana chapter, to benefit from its annual Casino Night & Silent Auction on Jan. 24 at 7 p.m. at the Marott Building. Tickets: $75. Contact 259-8071.

Radiological Society of North America's Research & Education Foundation.(GRANTS)
December 1, 2008... Radiological Society of North America's Research & Education Foundation received $10,000 from the Northwest Radiology Network.

Coalition for Homelessness Intervention and Prevention.(GRANTS)
December 1, 2008... Coalition for Homelessness Intervention and Prevention received $100,000 from The Indianapolis Foundation.

Crossroads of America Council, Boy Scouts of America.(GRANTS)
December 1, 2008... Crossroads of America Council, Boy Scouts of America received $135,000 from the Nina Mason Pulliam Charitable Trust.

Twenty-nine local charities.(GRANTS)
December 1, 2008... Twenty-nine local charities received a total of $2,155,000 from the Nina Mason Pulliam Charitable Trust.

Dr. Duane Binder was named the Indiana State Chiropractic Association Chiropractor of the Year.(IN RECOGNITION)(Brief article)
December 1, 2008... Dr. Duane Binder was named the Indiana State Chiropractic Association Chiropractor of the Year. Dr. Anthony C. Wolf and Dr. Raymond Nanko were given the ISCA President's Award. Scott Reske was named the ISCA Legislator of the Year.

Reindeer Auto Relocation.(IN RECOGNITION)
December 1, 2008... Reindeer Auto Relocation was awarded the Cartus Delivering More and Commitment to Excellence awards.

Jill E. Goldenberg.(IN RECOGNITION)
December 1, 2008... Jill E. Goldenberg, Cohen Garelick & Glazier, was included in The Best Lawyers in America 2009 in the area of family law.

Young Audiences of Indiana.(IN RECOGNITION)(Coming Up Taller award)(Brief article)
December 1, 2008... Young Audiences of Indiana was awarded the Coming Up Taller award from the President's Committee on the Arts and Humanities for their Summer Arts for Youth program.

Starfish Initiative.(IN RECOGNITION)
December 1, 2008... Starfish Initiative was named the 2008 Charity of Ethics by the Central Indiana Better Business Bureau.

Plews Shadley Racher & Braun LLP.(IN RECOGNITION)
December 1, 2008... Plews Shadley Racher & Braun LLP was awarded the Company that Cares distinction from United Way of Central Indiana.

Fifth Third Bank and Indiana Business Bank.(IN RECOGNITION)
December 1, 2008... Fifth Third Bank and Indiana Business Bank were recognized as Premier Capital Corp.'s lenders of the year for 2008.

Laurie Pylitt.(IN RECOGNITION)
December 1, 2008... Laurie Pylitt, Butler University, was named a Distinguished Fellow of the American Academy of Physician Assistants.

The National FFA Organization.(IN RECOGNITION)
December 1, 2008... The National FFA Organization received the 2008 BKD Indiana Excellence Award.

Peterson Architecture.(IN RECOGNITION)
December 1, 2008... Peterson Architecture was the architect of record for two of the finalists in the Best New Construction/Renovation category of the Noblesville Enterprise Awards.